Buy - Sell - Rent. It's your Condo
Tips on condos
Condos (short for condominiums) are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share such as the land, lobby, hallways, swimming pool and parking lot.
Each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners. The fee covers maintenance, repairs and building insurance.
Most housing condominiums are apartments, although there are other styles of condominiums as well.
Buying a condo is an appealing way to enter the housing market if the cost of a single-family home is out of your reach. Condos are especially popular among single homebuyers, empty nesters and first-time buyers in high-priced housing markets. Unlike a house, condos offer a lifestyle that is free of yard work and exterior maintenance and repairs. Many condominium communities also offer amenities such as exercise rooms, tennis courts and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.
One of the greatest attractions of the condominium lifestyle is that it provides more leisure time. You never need to mow the lawn, shovel the driveway, paint the house or arrange for new roofing. These services are routinely provided for you, leaving you more time for the leisure activities you most enjoy.
Of course, many condominium communities offer leisure activities right at home. Some have swimming pools and tennis courts and some are built on golf courses. Many have clubhouses, where you may enjoy billiards or cards with old and new friends.
Buying a condo is an excellent choice for those who either can’t afford the home of their dreams or those who want to scale down and enjoy their lives a little more. While renting has its place in life, it should never be a long term solution. Making a real estate investment is a sound contribution to your future and sometimes starting out a little slowly makes sense. Buying a condo first and a dream home later can make the transition from renting to home ownership a reality. Or, buying a condo in the later stages of your life instead of selling out and renting will keep your money working for you.